installment plan

American  

noun

1. a system for paying for an item in fixed amounts at specified intervals.

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installment plan British  

noun

1. Also called (in Britain and certain other countries): hire-purchase.  a system for purchasing merchandise, such as cars or furniture, in which the buyer takes possession of the merchandise on payment of a deposit and completes the purchase by paying a series of regular instalments while the seller retains ownership until the final instalment is paid

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Etymology

Origin of installment plan

First recorded in 1875–80

Example Sentences

See Examples For:

installment plan

Originally proposed by Beardsley Ruml, an executive at Macy’s department store who encouraged shoppers to buy on the installment plan, withholding was cleverly called “pay as you go.”

From The Wall Street Journal ● Jun. 9, 2026

Then someone could file for an extension to file a return in mid-October, and then they can set up an installment plan to pay the taxes they owe.

From MarketWatch ● Apr. 6, 2026

Another provision of the law allows beneficiaries to pay for drugs on an installment plan, instead of having to pay a hefty bill over a short period of time.

From Los Angeles Times ● Oct. 21, 2024

Texas A&M said it will use donor funds to make an initial payment on the $75 million-plus owed to Fisher and pay the rest with athletic department revenue on an installment plan.

From Seattle Times ● Nov. 15, 2023

That winter my mother and brother came and we set up housekeeping, buying furniture on the installment plan, being cheated and yet knowing no way to avoid it.

From "Black Boy" by Richard Wright